NYSE$CRK
Comstock Resources Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Comstock Resources' Q4 2023 financial performance was impacted by weak natural gas prices, but the company reported solid results from its Haynesville shale drilling program and increased its acreage in the Western Haynesville.
Comstock Resources reported natural gas and oil sales of $354 million, including realized hedging gains, and an adjusted EBITDAX of $244 million for Q4 2023. The company's net income available to common stockholders was $108.4 million, or $0.39 per share.
- Continued weak natural gas prices weighed heavily on the fourth quarter results.
- Natural gas and oil sales, including realized hedging gains, were $354 million.
- Adjusted EBITDAX for the quarter was $244 million.
- Operating cash flow was $207 million or $0.75 per share.
Headline financials
Revenue & EPS history
Comstock Resources · Revenue · Quarterly
$406M
Revenue by segment
Comstock Resources · $288M total across 3 segments · Q2 2023
- Natural gas sales$229M—79.4%
- Gas services$58.5M—20.3%
- Oil sales$860K—0.3%
Forward guidance
Comstock plans to reduce the number of operating drilling rigs it is running from seven to five and expects to spend $750 million to $850 million in 2024 on its development and exploration projects.
Headwinds
- Suspension of quarterly dividend until natural gas prices improve.
- Reduction in the number of operating drilling rigs from seven to five.
- Two of the five drilling rigs will continue to be deployed in the Company's Western Haynesville play.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
-0.6%
Avg return
Earnings day
+0.4%
Avg return
5 days after
+4.3%
Avg return
30 days after
43%
29 / 68 earnings
Positive
+60.6%
Q2 2015
Best reaction
-28.8%
Q2 2016
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -13.5% | -13.0% | -25.2% | |
| Q4 2025 | -6.1% | -9.2% | +1.9% | |
| Q3 2025 | +4.1% | +19.7% | +39.5% | |
| Q1 2025 | +3.3% | +18.1% | +27.5% | |
| Q4 2024 | +9.9% | +0.8% | +5.2% | |
| Q3 2024 | -3.3% | -3.0% | +30.3% | |
| Q2 2024 | -6.3% | -17.7% | +6.3% | |
| Q1 2024 | -2.0% | +2.6% | +16.4% | |
| Q4 2023 | -5.6% | -1.0% | +6.4% | |
| Q3 2023 | +2.9% | +8.7% | -17.9% | |
| Q2 2023 | -5.9% | -2.4% | -4.4% | |
| Q1 2023 | -13.4% | -15.6% | -18.1% | |
| Q4 2022 | +6.1% | -2.0% | -13.2% | |
| Q3 2022 | -2.2% | -1.9% | -7.2% | |
| Q2 2022 | +0.3% | -2.0% | +23.0% | |
| Q1 2022 | +4.2% | -2.2% | +19.5% | |
| Q4 2021 | -1.9% | -0.4% | +28.1% | |
| Q3 2021 | -1.1% | +0.2% | -20.4% | |
| Q2 2021 | -2.9% | -1.5% | +13.1% | |
| Q1 2021 | -0.2% | +1.6% | +10.4% | |
| Q4 2020 | +13.7% | +14.8% | -2.8% | |
| Q3 2020 | -12.6% | -15.9% | -7.1% | |
| Q2 2020 | -4.1% | +1.1% | -14.8% | |
| Q1 2020 | -4.6% | -4.8% | -26.7% | |
| Q4 2019 | -9.1% | -0.3% | -13.8% | |
| Q3 2019 | +7.4% | -2.3% | -8.5% | |
| Q2 2019 | -4.8% | -7.1% | +36.7% | |
| Q1 2019 | -1.6% | -6.3% | -28.3% | |
| Q4 2018 | +7.7% | +6.8% | +4.5% | |
| Q3 2018 | +6.0% | +4.2% | -1.9% | |
| Q2 2018 | -3.8% | -3.2% | -14.4% | |
| Q1 2018 | +20.9% | +28.7% | +42.5% | |
| Q4 2017 | -4.1% | +3.0% | -4.4% | |
| Q3 2017 | +12.6% | +17.0% | +23.0% | |
| Q2 2017 | -2.3% | -2.2% | -6.1% | |
| Q1 2017 | +2.7% | +8.6% | -13.4% | |
| Q4 2016 | -8.3% | -3.0% | -13.1% | |
| Q3 2016 | +2.7% | -4.1% | +28.7% | |
| Q2 2016 | -28.8% | +2.2% | +67.6% | |
| Q1 2016 | +6.8% | — | — | |
| Q4 2015 | -10.8% | — | — | |
| Q3 2015 | +2.5% | — | — | |
| Q2 2015 | +60.6% | — | — | |
| Q1 2015 | -5.8% | — | — | |
| Q4 2014 | -2.0% | — | — | |
| Q3 2014 | -20.0% | — | — | |
| Q2 2014 | -2.3% | — | — | |
| Q1 2014 | +1.0% | — | — | |
| Q4 2013 | -0.1% | — | — | |
| Q3 2013 | -2.7% | — | — | |
| Q2 2013 | -6.7% | — | — | |
| Q1 2013 | -1.4% | — | — | |
| Q4 2012 | -7.9% | — | — | |
| Q3 2012 | -4.2% | — | — | |
| Q2 2012 | -10.8% | — | — | |
| Q1 2012 | -2.0% | — | — | |
| Q4 2008 | +2.9% | — | — | |
| Q4 2011 | +2.9% | — | — | |
| Q3 2011 | +3.4% | — | — | |
| Q2 2011 | -18.0% | — | — | |
| Q1 2010 | -4.5% | — | — | |
| Q1 2011 | +0.7% | — | — | |
| Q4 2010 | +7.4% | — | — | |
| Q3 2009 | +1.9% | — | — | |
| Q3 2010 | +1.9% | — | — | |
| Q2 2009 | +2.7% | — | — | |
| Q2 2010 | +2.7% | — | — | |
| Q4 2009 | +2.7% | — | — |
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